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\begin{document} 
\title{REPORT FOR MODEL} 
\bigskip 
\author{Model         : BFM mod \\ 
Specification : ver21 \\ 
Subfolder     : FirstSampleOutput \\ 
This file     : Report02 03 23.tex \\ 
OutputPath   :  BFM mod ver21 FirstSampleOutput end 2007.75 csminwel BFMPrior27 02 03 23} 
\bigskip 
\date{03-Feb-2023  2:29 PM} 
\maketitle 
 
% Begin Prior Posterior Table\pagebreak 
\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Prior Posterior Table}\\ \hline 
Parameters&Dist&$Prior Mean$&$Prior Std$&$Post Mode$ \\\hline \endhead 
\hline \endfoot 
AD&C&24&0&24\\ 
bet&C&0.990&0&0.990\\ 
delt&C&0.025&0&0.025\\ 
alph&C&0.330&0&0.330\\ 
$\eta w$&C&0.140&0&0.140\\ 
$\eta p$&C&0.140&0&0.140\\ 
sgc&C&0.110&0&0.110\\ 
sb&N&2.400&0.050&2.458\\ 
$\tau l$&C&0.186&0&0.186\\ 
$\tau k$&C&0.218&0&0.218\\ 
$\tau c$&C&0.023&0&0.023\\ 
gamm100&N&0.500&0.050&0.398\\ 
$\pi star100$&N&0.500&0.050&0.530\\ 
$\xi $&G&2&0.250&1.797\\ 
$\mu HH$&B&0.110&0.010&0.077\\ 
$\omega w$&B&0.500&0.100&0.815\\ 
$\omega p$&B&0.500&0.100&0.867\\ 
$g\psi $&B&0.500&0.100&0.656\\ 
s&N&6&0.500&5.547\\ 
$\chi w$&B&0.500&0.200&0.038\\ 
$\chi p$&B&0.500&0.200&0.236\\ 
thet&B&0.500&0.200&0.913\\ 
$\alpha g$&N&0&0.100&-0.051\\ 
$\phi \pi $&C&0&0&0\\ 
$\phi y$&N&0.250&0.100&0.001\\ 
$\phi \pi c$&N&2&0.100&2.058\\ 
gammgc&C&0&0&0\\ 
gammtk&C&0&0&0\\ 
gammtl&C&0&0&0\\ 
gammtc&C&0&0&0\\ 
gammz&C&0&0&0\\ 
$\phi zy$&G&0.100&0.050&0.082\\ 
gammgcc&N&0.250&0.100&0.344\\ 
gammtkc&N&0.250&0.100&0.004\\ 
gammtlc&N&0.250&0.100&0.003\\ 
gammtcc&C&0&0&0\\ 
gammzc&N&0.250&0.100&0.089\\ 
nfrp&C&0&0&0\\ 
$\rho r$&B&0.500&0.100&0.726\\ 
$\rho gc$&B&0.500&0.100&0.408\\ 
$\rho z$&B&0.500&0.100&0.539\\ 
$\rho tk$&C&0.980&0&0.980\\ 
$\rho tl$&C&0.980&0&0.980\\ 
$\rho tc$&C&0.980&0&0.980\\ 
$\rho eg$&B&0.500&0.100&0.936\\ 
$\rho ez$&B&0.995&0.001&0.995\\ 
$\rho ezlr$&B&0.995&0.001&0.996\\ 
$\rho a$&B&0.500&0.100&0.311\\ 
$\rho b$&B&0.500&0.100&0.795\\ 
$\rho em$&B&0.500&0.100&0.242\\ 
$\rho i$&B&0.500&0.100&0.922\\ 
$\rho w$&C&0&0&0\\ 
$\rho p$&C&0&0&0\\ 
$\rho rp$&B&0.500&0.100&0.904\\ 
$\rho \pi drift$&B&0.995&0.001&0.997\\ 
$\rho bsh$&B&0.500&0.100&0.492\\ 
ssR&C&1&0&1\\ 
siggc&I&0.500&0.200&2.004\\ 
sigz&I&0.500&0.200&2.952\\ 
sigzlr&I&0.500&0.200&0.596\\ 
siga&I&0.500&0.200&1.216\\ 
sigb&I&0.500&0.200&4.993\\ 
sigm&I&0.500&0.200&0.242\\ 
sigi&I&0.500&0.200&0.498\\ 
sigw&I&0.500&0.200&0.345\\ 
sigp&I&0.500&0.200&0.169\\ 
sigrp&I&0.500&0.200&0.382\\ 
$sig\pi star$&I&0.500&0.200&1.326\\ 
sigbsh&I&0.500&0.200&0.390\\ 
$STD_{gdpME}$&I&0.500&0.200&0.434\\ 
$STD_{byME}$&I&0.500&0.200&0.324\\ 
$STD_{beiME}$&C&0&0&0\\ 
flagEFFR&C&0&0&0\\ 
$\nu mSignal$&C&10&0&10\\ 
flagEINFL&C&0&0&0\\ 
InflExpHor&C&20&0&20\\ 
$A_{0}$&C&0&0&0\\ 
$A_{1}$&C&0&0&0\\ 
$A_{2}$&C&0&0&0\\ 
$A_{3}$&C&0&0&0\\ 
$A_{4}$&C&0&0&0\\ 
$A_{5}$&C&0&0&0\\ 
$A_{6}$&C&0&0&0\\ 
$A_{7}$&C&0&0&0\\ 
$A_{8}$&C&0&0&0\\ 
$A_{9}$&C&0&0&0\\ 
$A_{10}$&C&0&0&0\\ 
$B_{0}$&C&0&0&0\\ 
$B_{1}$&C&0&0&0\\ 
$B_{2}$&C&0&0&0\\ 
$B_{3}$&C&0&0&0\\ 
$B_{4}$&C&0&0&0\\ 
$B_{5}$&C&0&0&0\\ 
$B_{6}$&C&0&0&0\\ 
$B_{7}$&C&0&0&0\\ 
$B_{8}$&C&0&0&0\\ 
$B_{9}$&C&0&0&0\\ 
$B_{10}$&C&0&0&0\\ 
$stdID_{0}$&C&0&0&0\\ 
$stdID_{1}$&C&0&0&0\\ 
$stdID_{2}$&C&0&0&0\\ 
$stdID_{3}$&C&0&0&0\\ 
$stdID_{4}$&C&0&0&0\\ 
$stdID_{5}$&C&0&0&0\\ 
$stdID_{6}$&C&0&0&0\\ 
$stdID_{7}$&C&0&0&0\\ 
$stdID_{8}$&C&0&0&0\\ 
$stdID_{9}$&C&0&0&0\\ 
$stdID_{10}$&C&0&0&0\\ 
$std_{factorA}$&C&0&0&0\\ 
$std_{factorB}$&C&0&0&0\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|} 
\multicolumn{2}{c}{Prior Posterior Table}\\ \hline 
Parameters&$Std Mode$ \\\hline \endhead 
\hline \endfoot 
AD&NaN\\ 
bet&NaN\\ 
delt&NaN\\ 
alph&NaN\\ 
$\eta w$&NaN\\ 
$\eta p$&NaN\\ 
sgc&NaN\\ 
sb&NaN\\ 
$\tau l$&NaN\\ 
$\tau k$&NaN\\ 
$\tau c$&NaN\\ 
gamm100&NaN\\ 
$\pi star100$&NaN\\ 
$\xi $&NaN\\ 
$\mu HH$&NaN\\ 
$\omega w$&NaN\\ 
$\omega p$&NaN\\ 
$g\psi $&NaN\\ 
s&NaN\\ 
$\chi w$&NaN\\ 
$\chi p$&NaN\\ 
thet&NaN\\ 
$\alpha g$&NaN\\ 
$\phi \pi $&NaN\\ 
$\phi y$&NaN\\ 
$\phi \pi c$&NaN\\ 
gammgc&NaN\\ 
gammtk&NaN\\ 
gammtl&NaN\\ 
gammtc&NaN\\ 
gammz&NaN\\ 
$\phi zy$&NaN\\ 
gammgcc&NaN\\ 
gammtkc&NaN\\ 
gammtlc&NaN\\ 
gammtcc&NaN\\ 
gammzc&NaN\\ 
nfrp&NaN\\ 
$\rho r$&NaN\\ 
$\rho gc$&NaN\\ 
$\rho z$&NaN\\ 
$\rho tk$&NaN\\ 
$\rho tl$&NaN\\ 
$\rho tc$&NaN\\ 
$\rho eg$&NaN\\ 
$\rho ez$&NaN\\ 
$\rho ezlr$&NaN\\ 
$\rho a$&NaN\\ 
$\rho b$&NaN\\ 
$\rho em$&NaN\\ 
$\rho i$&NaN\\ 
$\rho w$&NaN\\ 
$\rho p$&NaN\\ 
$\rho rp$&NaN\\ 
$\rho \pi drift$&NaN\\ 
$\rho bsh$&NaN\\ 
ssR&NaN\\ 
siggc&NaN\\ 
sigz&NaN\\ 
sigzlr&NaN\\ 
siga&NaN\\ 
sigb&NaN\\ 
sigm&NaN\\ 
sigi&NaN\\ 
sigw&NaN\\ 
sigp&NaN\\ 
sigrp&NaN\\ 
$sig\pi star$&NaN\\ 
sigbsh&NaN\\ 
$STD_{gdpME}$&NaN\\ 
$STD_{byME}$&NaN\\ 
$STD_{beiME}$&NaN\\ 
flagEFFR&NaN\\ 
$\nu mSignal$&NaN\\ 
flagEINFL&NaN\\ 
InflExpHor&NaN\\ 
$A_{0}$&NaN\\ 
$A_{1}$&NaN\\ 
$A_{2}$&NaN\\ 
$A_{3}$&NaN\\ 
$A_{4}$&NaN\\ 
$A_{5}$&NaN\\ 
$A_{6}$&NaN\\ 
$A_{7}$&NaN\\ 
$A_{8}$&NaN\\ 
$A_{9}$&NaN\\ 
$A_{10}$&NaN\\ 
$B_{0}$&NaN\\ 
$B_{1}$&NaN\\ 
$B_{2}$&NaN\\ 
$B_{3}$&NaN\\ 
$B_{4}$&NaN\\ 
$B_{5}$&NaN\\ 
$B_{6}$&NaN\\ 
$B_{7}$&NaN\\ 
$B_{8}$&NaN\\ 
$B_{9}$&NaN\\ 
$B_{10}$&NaN\\ 
$stdID_{0}$&NaN\\ 
$stdID_{1}$&NaN\\ 
$stdID_{2}$&NaN\\ 
$stdID_{3}$&NaN\\ 
$stdID_{4}$&NaN\\ 
$stdID_{5}$&NaN\\ 
$stdID_{6}$&NaN\\ 
$stdID_{7}$&NaN\\ 
$stdID_{8}$&NaN\\ 
$stdID_{9}$&NaN\\ 
$stdID_{10}$&NaN\\ 
$std_{factorA}$&NaN\\ 
$std_{factorB}$&NaN\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

Log Posterior = -2629.9292 
\smallskip 
Log Likelihood =-2556.3700 
\pagebreak 
\section{Spectrum Decomposition} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.001&0.083&0.420\\ 
$consumption: Non-Savers$&0.008&0.069&0.118&0.125\\ 
$nominal interest rate$&0.002&0.000&0.000&0.068\\ 
investment&0.001&0.000&0.086&0.034\\ 
labor&0.011&0.001&0.133&0.056\\ 
output&0.010&0.001&0.122&0.083\\ 
$govt consumption$&0.736&0.010&0.000&0.010\\ 
$aggregate consumption$&0.001&0.003&0.097&0.404\\ 
$real wage$&0.000&0.000&0.002&0.626\\ 
$govt debt$&0.023&0.092&0.057&0.034\\ 
inflation&0.002&0.000&0.174&0.070\\ 
$b/y ratio$&0.018&0.032&0.085&0.035\\ 
$inflation CF$&0.002&0.000&0.000&0.085\\ 
$b/y ratio CF$&0.019&0.035&0.000&0.038\\ 
$\tau k$&0.019&0.038&0.000&0.039\\ 
$\tau l$&0.019&0.038&0.000&0.039\\ 
$\tau c$&0.010&0.014&0.065&0.108\\ 
$real interest rate$&0.001&0.000&0.105&0.052\\ 
$transfers total$&0.000&0.943&0.030&0.000\\ 
$transfers adjustments$&0.007&0.032&0.041&0.005\\ 
$price of bonds$&0.007&0.001&0.000&0.055\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ 
$GDPobs_{me}$&0.013&0.001&0.106&0.146\\ 
cobs&0.001&0.004&0.119&0.211\\ 
iobs&0.001&0.000&0.080&0.067\\ 
labor&0.011&0.001&0.133&0.056\\ 
$nominal interest rate$&0.002&0.000&0.000&0.068\\ 
wobs&0.000&0.000&0.004&0.339\\ 
inflation&0.002&0.000&0.174&0.070\\ 
zobs&0.000&0.723&0.025&0.229\\ 
gobs&0.669&0.006&0.000&0.145\\ 
$Debt-To-GDP_{me}$&0.018&0.032&0.085&0.035\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.310&0.015&0.013&0.009\\ 
$consumption: Non-Savers$&0.025&0.010&0.344&0.013\\ 
$nominal interest rate$&0.024&0.160&0.425&0.019\\ 
investment&0.012&0.007&0.673&0.008\\ 
labor&0.028&0.015&0.466&0.012\\ 
output&0.030&0.014&0.458&0.010\\ 
$govt consumption$&0.019&0.006&0.137&0.003\\ 
$aggregate consumption$&0.280&0.016&0.011&0.010\\ 
$real wage$&0.003&0.000&0.029&0.113\\ 
$govt debt$&0.079&0.049&0.305&0.043\\ 
inflation&0.024&0.005&0.403&0.020\\ 
$b/y ratio$&0.066&0.020&0.467&0.011\\ 
$inflation CF$&0.029&0.006&0.488&0.024\\ 
$b/y ratio CF$&0.072&0.022&0.510&0.012\\ 
$\tau k$&0.070&0.019&0.505&0.011\\ 
$\tau l$&0.070&0.019&0.505&0.011\\ 
$\tau c$&0.111&0.015&0.343&0.017\\ 
$real interest rate$&0.016&0.302&0.278&0.013\\ 
$transfers total$&0.001&0.001&0.003&0.000\\ 
$transfers adjustments$&0.032&0.021&0.107&0.017\\ 
$price of bonds$&0.102&0.048&0.677&0.034\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.030&0.014&0.420&0.009\\ 
cobs&0.377&0.023&0.016&0.012\\ 
iobs&0.011&0.008&0.649&0.008\\ 
labor&0.028&0.015&0.466&0.012\\ 
$nominal interest rate$&0.024&0.160&0.425&0.019\\ 
wobs&0.005&0.000&0.037&0.262\\ 
inflation&0.024&0.005&0.403&0.020\\ 
zobs&0.001&0.000&0.002&0.000\\ 
gobs&0.015&0.005&0.102&0.003\\ 
$Debt-To-GDP_{me}$&0.066&0.020&0.467&0.011\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.108&0.037&0.000\\ 
$consumption: Non-Savers$&0.004&0.116&0.170&0.001\\ 
$nominal interest rate$&0.027&0.218&0.056&0.000\\ 
investment&0.000&0.090&0.089&0.000\\ 
labor&0.001&0.163&0.115&0.000\\ 
output&0.001&0.150&0.120&0.000\\ 
$govt consumption$&0.000&0.053&0.025&0.000\\ 
$aggregate consumption$&0.002&0.122&0.056&0.000\\ 
$real wage$&0.015&0.002&0.209&0.000\\ 
$govt debt$&0.007&0.201&0.109&0.001\\ 
inflation&0.036&0.208&0.058&0.000\\ 
$b/y ratio$&0.001&0.180&0.084&0.000\\ 
$inflation CF$&0.044&0.252&0.071&0.000\\ 
$b/y ratio CF$&0.001&0.197&0.092&0.000\\ 
$\tau k$&0.001&0.199&0.097&0.000\\ 
$\tau l$&0.001&0.199&0.097&0.000\\ 
$\tau c$&0.003&0.102&0.211&0.000\\ 
$real interest rate$&0.048&0.141&0.044&0.000\\ 
$transfers total$&0.000&0.003&0.002&0.016\\ 
$transfers adjustments$&0.003&0.104&0.060&0.571\\ 
$price of bonds$&0.004&0.042&0.031&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.001&0.139&0.106&0.000\\ 
cobs&0.003&0.164&0.070&0.000\\ 
iobs&0.001&0.091&0.085&0.000\\ 
labor&0.001&0.163&0.115&0.000\\ 
$nominal interest rate$&0.027&0.218&0.056&0.000\\ 
wobs&0.034&0.004&0.313&0.000\\ 
inflation&0.036&0.208&0.058&0.000\\ 
zobs&0.000&0.002&0.001&0.017\\ 
gobs&0.001&0.038&0.016&0.000\\ 
$Debt-To-GDP_{me}$&0.001&0.180&0.084&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Spectral Decomposition}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0\\ 
$consumption: Non-Savers$&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
investment&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
output&0.000&0.000&0\\ 
$govt consumption$&0.000&0.000&0\\ 
$aggregate consumption$&0.000&0.000&0\\ 
$real wage$&0.000&0.000&0\\ 
$govt debt$&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
$b/y ratio$&0.000&0.000&0\\ 
$inflation CF$&0.000&0.000&0\\ 
$b/y ratio CF$&0.000&0.000&0\\ 
$\tau k$&0.000&0.000&0\\ 
$\tau l$&0.000&0.000&0\\ 
$\tau c$&0.000&0.000&0\\ 
$real interest rate$&0.000&0.000&0\\ 
$transfers total$&0.000&0.000&0\\ 
$transfers adjustments$&0.000&0.000&0\\ 
$price of bonds$&0.000&0.000&0\\ 
$g shock$&0.000&0.000&0\\ 
$funded tranfer shock$&0.000&0.000&0\\ 
$unfunded tranfer shock$&0.000&0.000&0\\ 
$GDPobs_{me}$&0.015&0.000&0\\ 
cobs&0.000&0.000&0\\ 
iobs&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
wobs&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
zobs&0.000&0.000&0\\ 
gobs&0.000&0.000&0\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\pagebreak 
\pagebreak 
\section{Asymptotic Variance Decompositions} 
\subsection{Observables} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.037&0.002&0.080&0.112\\ 
cobs&0.001&0.027&0.109&0.121\\ 
iobs&0.000&0.000&0.063&0.053\\ 
labor&0.045&0.002&0.094&0.098\\ 
$nominal interest rate$&0.001&0.000&0.000&0.025\\ 
wobs&0.000&0.000&0.005&0.071\\ 
inflation&0.002&0.000&0.099&0.069\\ 
zobs&0.000&0.810&0.032&0.144\\ 
gobs&0.731&0.000&0.000&0.269\\ 
$Debt-To-GDP_{me}$&0.018&0.002&0.026&0.010\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.029&0.019&0.389&0.000\\ 
cobs&0.416&0.033&0.044&0.000\\ 
iobs&0.006&0.013&0.677&0.005\\ 
labor&0.034&0.023&0.457&0.007\\ 
$nominal interest rate$&0.006&0.678&0.079&0.009\\ 
wobs&0.001&0.000&0.019&0.743\\ 
inflation&0.016&0.003&0.219&0.025\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.131&0.045&0.702&0.034\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.003&0.140&0.071&0.000\\ 
cobs&0.004&0.196&0.049&0.000\\ 
iobs&0.001&0.109&0.072&0.000\\ 
labor&0.001&0.165&0.074&0.000\\ 
$nominal interest rate$&0.135&0.044&0.023&0.000\\ 
wobs&0.068&0.006&0.086&0.000\\ 
inflation&0.378&0.123&0.066&0.000\\ 
zobs&0.000&0.000&0.000&0.014\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.014&0.006&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.118&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.013&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.026&0.001&0.083&0.123\\ 
cobs&0.001&0.017&0.110&0.158\\ 
iobs&0.000&0.000&0.064&0.057\\ 
labor&0.033&0.001&0.103&0.042\\ 
$nominal interest rate$&0.001&0.000&0.000&0.044\\ 
wobs&0.000&0.000&0.005&0.147\\ 
inflation&0.002&0.000&0.133&0.078\\ 
zobs&0.000&0.798&0.031&0.156\\ 
gobs&0.709&0.000&0.000&0.243\\ 
$Debt-To-GDP_{me}$&0.013&0.008&0.043&0.004\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.028&0.016&0.426&0.003\\ 
cobs&0.383&0.029&0.047&0.005\\ 
iobs&0.007&0.011&0.674&0.006\\ 
labor&0.036&0.020&0.500&0.008\\ 
$nominal interest rate$&0.012&0.540&0.160&0.015\\ 
wobs&0.001&0.000&0.024&0.626\\ 
inflation&0.022&0.004&0.292&0.027\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.007&0.002&0.036&0.002\\ 
$Debt-To-GDP_{me}$&0.117&0.019&0.736&0.023\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.002&0.135&0.081&0.000\\ 
cobs&0.003&0.190&0.057&0.000\\ 
iobs&0.000&0.103&0.077&0.000\\ 
labor&0.001&0.170&0.087&0.000\\ 
$nominal interest rate$&0.099&0.090&0.038&0.000\\ 
wobs&0.056&0.006&0.134&0.000\\ 
inflation&0.209&0.165&0.068&0.000\\ 
zobs&0.000&0.000&0.000&0.014\\ 
gobs&0.001&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.007&0.022&0.004&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.076&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.005&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.019&0.001&0.083&0.137\\ 
cobs&0.001&0.013&0.115&0.209\\ 
iobs&0.000&0.000&0.063&0.063\\ 
labor&0.018&0.000&0.111&0.012\\ 
$nominal interest rate$&0.002&0.000&0.000&0.061\\ 
wobs&0.000&0.000&0.005&0.196\\ 
inflation&0.002&0.000&0.162&0.067\\ 
zobs&0.000&0.795&0.031&0.157\\ 
gobs&0.672&0.002&0.000&0.232\\ 
$Debt-To-GDP_{me}$&0.005&0.021&0.065&0.003\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.022&0.013&0.435&0.005\\ 
cobs&0.324&0.025&0.051&0.009\\ 
iobs&0.008&0.009&0.672&0.006\\ 
labor&0.031&0.017&0.521&0.009\\ 
$nominal interest rate$&0.022&0.320&0.301&0.021\\ 
wobs&0.001&0.000&0.031&0.533\\ 
inflation&0.025&0.004&0.344&0.024\\ 
zobs&0.000&0.000&0.001&0.000\\ 
gobs&0.009&0.003&0.066&0.002\\ 
$Debt-To-GDP_{me}$&0.085&0.007&0.691&0.010\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.130&0.095&0.000\\ 
cobs&0.002&0.181&0.070&0.000\\ 
iobs&0.000&0.093&0.085&0.000\\ 
labor&0.000&0.174&0.106&0.000\\ 
$nominal interest rate$&0.053&0.173&0.046&0.000\\ 
wobs&0.048&0.006&0.181&0.000\\ 
inflation&0.119&0.200&0.052&0.000\\ 
zobs&0.000&0.000&0.000&0.016\\ 
gobs&0.001&0.010&0.002&0.000\\ 
$Debt-To-GDP_{me}$&0.002&0.083&0.024&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.056&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.001&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.018&0.002&0.085&0.140\\ 
cobs&0.001&0.009&0.089&0.202\\ 
iobs&0.001&0.001&0.064&0.060\\ 
labor&0.002&0.047&0.062&0.026\\ 
$nominal interest rate$&0.002&0.002&0.000&0.027\\ 
wobs&0.000&0.000&0.006&0.210\\ 
inflation&0.002&0.002&0.169&0.034\\ 
zobs&0.000&0.794&0.031&0.155\\ 
gobs&0.618&0.037&0.000&0.201\\ 
$Debt-To-GDP_{me}$&0.002&0.518&0.024&0.002\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.024&0.012&0.446&0.007\\ 
cobs&0.250&0.017&0.230&0.008\\ 
iobs&0.010&0.007&0.686&0.006\\ 
labor&0.007&0.004&0.366&0.007\\ 
$nominal interest rate$&0.034&0.078&0.574&0.013\\ 
wobs&0.003&0.000&0.133&0.394\\ 
inflation&0.027&0.003&0.469&0.014\\ 
zobs&0.000&0.000&0.001&0.000\\ 
gobs&0.009&0.005&0.073&0.002\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.040&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.124&0.098&0.000\\ 
cobs&0.002&0.129&0.063&0.000\\ 
iobs&0.000&0.084&0.081&0.000\\ 
labor&0.000&0.098&0.380&0.000\\ 
$nominal interest rate$&0.012&0.229&0.028&0.000\\ 
wobs&0.036&0.008&0.209&0.000\\ 
inflation&0.054&0.192&0.035&0.000\\ 
zobs&0.000&0.001&0.001&0.016\\ 
gobs&0.001&0.025&0.028&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.011&0.404&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.045&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.000&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\subsection{States} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.019&0.811\\ 
$consumption: Non-Savers$&0.011&0.283&0.076&0.322\\ 
$nominal interest rate$&0.001&0.000&0.000&0.025\\ 
investment&0.000&0.000&0.066&0.006\\ 
labor&0.045&0.002&0.094&0.098\\ 
output&0.032&0.002&0.069&0.339\\ 
$govt consumption$&1&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.006&0.026&0.794\\ 
$real wage$&0.000&0.000&0.001&0.712\\ 
$govt debt$&0.004&0.006&0.002&0.051\\ 
inflation&0.002&0.000&0.099&0.069\\ 
$b/y ratio$&0.018&0.002&0.026&0.010\\ 
$inflation CF$&0.002&0.000&0.000&0.076\\ 
$b/y ratio CF$&0.019&0.002&0.000&0.010\\ 
$\tau k$&0.001&0.000&0.000&0.034\\ 
$\tau l$&0.001&0.000&0.005&0.142\\ 
$\tau c$&0.010&0.004&0.009&0.073\\ 
$real interest rate$&0.001&0.000&0.132&0.014\\ 
$transfers total$&0.000&0.946&0.037&0.000\\ 
$transfers adjustments$&0.001&0.000&0.001&0.006\\ 
$price of bonds$&0.008&0.002&0.000&0.059\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.108&0.007&0.003&0.001\\ 
$consumption: Non-Savers$&0.011&0.007&0.143&0.037\\ 
$nominal interest rate$&0.006&0.678&0.079&0.009\\ 
investment&0.006&0.014&0.710&0.006\\ 
labor&0.034&0.023&0.457&0.007\\ 
output&0.025&0.016&0.334&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.097&0.008&0.010&0.000\\ 
$real wage$&0.000&0.000&0.006&0.231\\ 
$govt debt$&0.126&0.117&0.484&0.058\\ 
inflation&0.016&0.003&0.219&0.025\\ 
$b/y ratio$&0.132&0.046&0.711&0.035\\ 
$inflation CF$&0.018&0.003&0.243&0.027\\ 
$b/y ratio CF$&0.136&0.047&0.730&0.036\\ 
$\tau k$&0.006&0.003&0.667&0.003\\ 
$\tau l$&0.014&0.004&0.824&0.006\\ 
$\tau c$&0.151&0.199&0.191&0.069\\ 
$real interest rate$&0.006&0.640&0.081&0.005\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.006&0.000\\ 
$price of bonds$&0.124&0.147&0.412&0.047\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.042&0.008&0.000\\ 
$consumption: Non-Savers$&0.008&0.051&0.047&0.005\\ 
$nominal interest rate$&0.135&0.044&0.023&0.000\\ 
investment&0.001&0.115&0.075&0.000\\ 
labor&0.001&0.165&0.074&0.000\\ 
output&0.002&0.120&0.061&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.001&0.046&0.011&0.000\\ 
$real wage$&0.021&0.002&0.027&0.000\\ 
$govt debt$&0.030&0.092&0.030&0.000\\ 
inflation&0.378&0.123&0.066&0.000\\ 
$b/y ratio$&0.014&0.006&0.000&0.000\\ 
$inflation CF$&0.420&0.137&0.073&0.000\\ 
$b/y ratio CF$&0.014&0.006&0.000&0.000\\ 
$\tau k$&0.001&0.267&0.020&0.000\\ 
$\tau l$&0.000&0.002&0.000&0.000\\ 
$\tau c$&0.025&0.162&0.109&0.000\\ 
$real interest rate$&0.067&0.047&0.009&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.016\\ 
$transfers adjustments$&0.000&0.002&0.001&0.983\\ 
$price of bonds$&0.011&0.159&0.030&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.031&0.725\\ 
$consumption: Non-Savers$&0.012&0.212&0.089&0.254\\ 
$nominal interest rate$&0.001&0.000&0.000&0.044\\ 
investment&0.000&0.000&0.068&0.002\\ 
labor&0.033&0.001&0.103&0.042\\ 
output&0.025&0.001&0.083&0.203\\ 
$govt consumption$&0.974&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.005&0.039&0.703\\ 
$real wage$&0.000&0.000&0.002&0.733\\ 
$govt debt$&0.002&0.021&0.005&0.074\\ 
inflation&0.002&0.000&0.133&0.078\\ 
$b/y ratio$&0.013&0.008&0.043&0.004\\ 
$inflation CF$&0.003&0.000&0.000&0.090\\ 
$b/y ratio CF$&0.014&0.008&0.000&0.004\\ 
$\tau k$&0.019&0.002&0.000&0.010\\ 
$\tau l$&0.019&0.002&0.000&0.010\\ 
$\tau c$&0.011&0.003&0.002&0.095\\ 
$real interest rate$&0.000&0.000&0.148&0.009\\ 
$transfers total$&0.000&0.946&0.036&0.000\\ 
$transfers adjustments$&0.000&0.000&0.004&0.007\\ 
$price of bonds$&0.009&0.003&0.000&0.062\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.151&0.010&0.005&0.003\\ 
$consumption: Non-Savers$&0.016&0.008&0.227&0.020\\ 
$nominal interest rate$&0.012&0.540&0.160&0.015\\ 
investment&0.007&0.012&0.714&0.006\\ 
labor&0.036&0.020&0.500&0.008\\ 
output&0.028&0.016&0.424&0.002\\ 
$govt consumption$&0.004&0.001&0.019&0.001\\ 
$aggregate consumption$&0.136&0.010&0.016&0.001\\ 
$real wage$&0.001&0.000&0.010&0.175\\ 
$govt debt$&0.131&0.078&0.534&0.060\\ 
inflation&0.022&0.004&0.292&0.027\\ 
$b/y ratio$&0.118&0.019&0.740&0.023\\ 
$inflation CF$&0.025&0.005&0.337&0.031\\ 
$b/y ratio CF$&0.123&0.020&0.773&0.024\\ 
$\tau k$&0.136&0.047&0.730&0.036\\ 
$\tau l$&0.136&0.047&0.730&0.036\\ 
$\tau c$&0.189&0.182&0.141&0.092\\ 
$real interest rate$&0.003&0.664&0.046&0.003\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.002&0.005&0.005&0.002\\ 
$price of bonds$&0.138&0.126&0.446&0.051\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.061&0.013&0.000\\ 
$consumption: Non-Savers$&0.006&0.072&0.080&0.004\\ 
$nominal interest rate$&0.099&0.090&0.038&0.000\\ 
investment&0.000&0.109&0.081&0.000\\ 
labor&0.001&0.170&0.087&0.000\\ 
output&0.002&0.137&0.080&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.001&0.067&0.020&0.000\\ 
$real wage$&0.020&0.003&0.057&0.000\\ 
$govt debt$&0.022&0.046&0.025&0.001\\ 
inflation&0.209&0.165&0.068&0.000\\ 
$b/y ratio$&0.007&0.022&0.004&0.000\\ 
$inflation CF$&0.241&0.191&0.078&0.000\\ 
$b/y ratio CF$&0.007&0.023&0.004&0.000\\ 
$\tau k$&0.014&0.006&0.000&0.000\\ 
$\tau l$&0.014&0.006&0.000&0.000\\ 
$\tau c$&0.018&0.133&0.133&0.000\\ 
$real interest rate$&0.093&0.027&0.007&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.017\\ 
$transfers adjustments$&0.001&0.008&0.004&0.962\\ 
$price of bonds$&0.008&0.125&0.030&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.057&0.573\\ 
$consumption: Non-Savers$&0.009&0.142&0.105&0.134\\ 
$nominal interest rate$&0.002&0.000&0.000&0.061\\ 
investment&0.000&0.000&0.067&0.007\\ 
labor&0.018&0.000&0.111&0.012\\ 
output&0.015&0.000&0.097&0.079\\ 
$govt consumption$&0.909&0.001&0.000&0.000\\ 
$aggregate consumption$&0.000&0.005&0.068&0.540\\ 
$real wage$&0.000&0.000&0.004&0.684\\ 
$govt debt$&0.002&0.068&0.019&0.078\\ 
inflation&0.002&0.000&0.162&0.067\\ 
$b/y ratio$&0.005&0.021&0.065&0.003\\ 
$inflation CF$&0.003&0.000&0.000&0.080\\ 
$b/y ratio CF$&0.005&0.023&0.000&0.003\\ 
$\tau k$&0.011&0.011&0.000&0.002\\ 
$\tau l$&0.011&0.011&0.000&0.002\\ 
$\tau c$&0.013&0.003&0.003&0.128\\ 
$real interest rate$&0.001&0.000&0.172&0.027\\ 
$transfers total$&0.000&0.952&0.034&0.000\\ 
$transfers adjustments$&0.000&0.004&0.015&0.011\\ 
$price of bonds$&0.011&0.003&0.000&0.062\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.211&0.014&0.011&0.006\\ 
$consumption: Non-Savers$&0.019&0.009&0.333&0.008\\ 
$nominal interest rate$&0.022&0.320&0.301&0.021\\ 
investment&0.008&0.009&0.713&0.006\\ 
labor&0.031&0.017&0.521&0.009\\ 
output&0.025&0.015&0.506&0.005\\ 
$govt consumption$&0.010&0.001&0.072&0.002\\ 
$aggregate consumption$&0.189&0.014&0.030&0.004\\ 
$real wage$&0.001&0.000&0.024&0.125\\ 
$govt debt$&0.123&0.035&0.555&0.052\\ 
inflation&0.025&0.004&0.344&0.024\\ 
$b/y ratio$&0.086&0.007&0.692&0.011\\ 
$inflation CF$&0.030&0.005&0.411&0.029\\ 
$b/y ratio CF$&0.092&0.008&0.740&0.011\\ 
$\tau k$&0.118&0.009&0.795&0.020\\ 
$\tau l$&0.118&0.009&0.795&0.020\\ 
$\tau c$&0.239&0.149&0.052&0.117\\ 
$real interest rate$&0.005&0.575&0.068&0.008\\ 
$transfers total$&0.000&0.000&0.001&0.000\\ 
$transfers adjustments$&0.013&0.009&0.038&0.009\\ 
$price of bonds$&0.168&0.096&0.481&0.057\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.099&0.028&0.000\\ 
$consumption: Non-Savers$&0.004&0.100&0.137&0.002\\ 
$nominal interest rate$&0.053&0.173&0.046&0.000\\ 
investment&0.000&0.099&0.089&0.000\\ 
labor&0.000&0.174&0.106&0.000\\ 
output&0.001&0.151&0.108&0.000\\ 
$govt consumption$&0.000&0.004&0.001&0.000\\ 
$aggregate consumption$&0.001&0.108&0.041&0.000\\ 
$real wage$&0.016&0.004&0.142&0.000\\ 
$govt debt$&0.011&0.043&0.012&0.001\\ 
inflation&0.119&0.200&0.052&0.000\\ 
$b/y ratio$&0.002&0.083&0.024&0.000\\ 
$inflation CF$&0.142&0.239&0.062&0.000\\ 
$b/y ratio CF$&0.002&0.089&0.025&0.000\\ 
$\tau k$&0.005&0.023&0.006&0.000\\ 
$\tau l$&0.005&0.023&0.006&0.000\\ 
$\tau c$&0.009&0.112&0.173&0.000\\ 
$real interest rate$&0.084&0.037&0.024&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.013\\ 
$transfers adjustments$&0.002&0.009&0.008&0.881\\ 
$price of bonds$&0.005&0.088&0.028&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.001&0.107&0.383\\ 
$consumption: Non-Savers$&0.004&0.088&0.108&0.048\\ 
$nominal interest rate$&0.003&0.000&0.000&0.050\\ 
investment&0.001&0.001&0.064&0.019\\ 
labor&0.008&0.000&0.113&0.018\\ 
output&0.006&0.000&0.100&0.024\\ 
$govt consumption$&0.743&0.011&0.000&0.002\\ 
$aggregate consumption$&0.000&0.005&0.117&0.339\\ 
$real wage$&0.000&0.000&0.007&0.496\\ 
$govt debt$&0.011&0.165&0.055&0.061\\ 
inflation&0.002&0.000&0.188&0.048\\ 
$b/y ratio$&0.002&0.048&0.088&0.012\\ 
$inflation CF$&0.003&0.000&0.000&0.060\\ 
$b/y ratio CF$&0.003&0.053&0.000&0.013\\ 
$\tau k$&0.002&0.032&0.000&0.003\\ 
$\tau l$&0.002&0.032&0.000&0.003\\ 
$\tau c$&0.012&0.002&0.006&0.148\\ 
$real interest rate$&0.001&0.000&0.156&0.044\\ 
$transfers total$&0.000&0.957&0.032&0.000\\ 
$transfers adjustments$&0.002&0.052&0.051&0.021\\ 
$price of bonds$&0.014&0.005&0.000&0.056\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.238&0.016&0.034&0.011\\ 
$consumption: Non-Savers$&0.013&0.007&0.404&0.003\\ 
$nominal interest rate$&0.031&0.160&0.421&0.020\\ 
investment&0.010&0.005&0.712&0.006\\ 
labor&0.020&0.012&0.519&0.010\\ 
output&0.014&0.010&0.553&0.007\\ 
$govt consumption$&0.016&0.002&0.174&0.001\\ 
$aggregate consumption$&0.205&0.016&0.068&0.009\\ 
$real wage$&0.000&0.000&0.071&0.073\\ 
$govt debt$&0.083&0.016&0.439&0.027\\ 
inflation&0.027&0.004&0.367&0.019\\ 
$b/y ratio$&0.048&0.008&0.577&0.003\\ 
$inflation CF$&0.034&0.005&0.452&0.023\\ 
$b/y ratio CF$&0.053&0.009&0.633&0.003\\ 
$\tau k$&0.079&0.002&0.737&0.007\\ 
$\tau l$&0.079&0.002&0.737&0.007\\ 
$\tau c$&0.271&0.089&0.060&0.121\\ 
$real interest rate$&0.015&0.356&0.214&0.014\\ 
$transfers total$&0.001&0.000&0.002&0.000\\ 
$transfers adjustments$&0.042&0.007&0.176&0.017\\ 
$price of bonds$&0.227&0.077&0.460&0.065\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.150&0.059&0.000\\ 
$consumption: Non-Savers$&0.002&0.113&0.208&0.001\\ 
$nominal interest rate$&0.025&0.257&0.033&0.000\\ 
investment&0.000&0.083&0.100&0.000\\ 
labor&0.000&0.166&0.132&0.000\\ 
output&0.000&0.147&0.138&0.000\\ 
$govt consumption$&0.000&0.036&0.015&0.000\\ 
$aggregate consumption$&0.001&0.158&0.082&0.000\\ 
$real wage$&0.011&0.008&0.334&0.000\\ 
$govt debt$&0.004&0.116&0.023&0.001\\ 
inflation&0.081&0.227&0.036&0.000\\ 
$b/y ratio$&0.001&0.143&0.069&0.000\\ 
$inflation CF$&0.099&0.280&0.044&0.000\\ 
$b/y ratio CF$&0.001&0.157&0.075&0.000\\ 
$\tau k$&0.001&0.100&0.038&0.000\\ 
$\tau l$&0.001&0.100&0.038&0.000\\ 
$\tau c$&0.002&0.089&0.200&0.000\\ 
$real interest rate$&0.051&0.117&0.033&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.007\\ 
$transfers adjustments$&0.002&0.035&0.008&0.589\\ 
$price of bonds$&0.005&0.068&0.023&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers adjustments$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\section{Impulse Responses} 
\includepdf[page=-]{"government consumption shock".pdf} 
\includepdf[page=-]{"funded tranfer shock".pdf} 
\includepdf[page=-]{"unfunded transfer shock".pdf} 
\includepdf[page=-]{"technology shock".pdf} 
\includepdf[page=-]{"preference shock".pdf} 
\includepdf[page=-]{"monetary policy shock".pdf} 
\includepdf[page=-]{"investment specific technology shock".pdf} 
\includepdf[page=-]{"wage markup shock".pdf} 
\includepdf[page=-]{"price markup shock".pdf} 
\includepdf[page=-]{"risk-premium shock".pdf} 
\includepdf[page=-]{"shock to NKPC".pdf} 
\includepdf[page=-]{"transitory transfer shock".pdf} 
\includepdf[page=-]{"FWG target factor".pdf} 
\includepdf[page=-]{"FWG path factor".pdf} 
\includepdf[page=-]{"FG Shock0".pdf} 
\includepdf[page=-]{"FG Shock1".pdf} 
\includepdf[page=-]{"FG Shock2".pdf} 
\includepdf[page=-]{"FG Shock3".pdf} 
\includepdf[page=-]{"FG Shock4".pdf} 
\includepdf[page=-]{"FG Shock5".pdf} 
\includepdf[page=-]{"FG Shock6".pdf} 
\includepdf[page=-]{"FG Shock7".pdf} 
\includepdf[page=-]{"FG Shock8".pdf} 
\includepdf[page=-]{"FG Shock9".pdf} 
\includepdf[page=-]{"ME GDP".pdf} 
\includepdf[page=-]{"ME Debt-to-GDP Ratio".pdf} 
\includepdf[page=-]{"ME BEI".pdf} 
\pagebreak 
\section{Fit} 
\includepdf[page={-}]{"stdSimObsDensity".pdf} 
\includepdf[page={-}]{"stdSimStatesDensity".pdf} 
\includepdf[page={-}]{"stdObsDensity".pdf} 
\includepdf[page={-}]{"crossCorrelationsObs".pdf} 
\end{document}